E-Financial
Path Solutions on the Number One Spot in Islamic Banking
Path Solutions is proud to announce that it has topped the bobsguide Software Rankings 2018 in the Islamic Banking category – in an industry benchmark list that was revealed on the 11th of December.
The inaugural bobsguide Software Rankings 2018 features a comprehensive number of technology companies from all around the world regardless of size or location. Market participants were invited to vote online or by email for their top financial software providers of the year based on multiple criteria such as business model, cutting-edge technology, ease of use, industry knowledge and commitment.
The bobsguide Software Rankings 2018 voting system was inundated with votes from financial institutions familiar with the platforms. A number of categories came down to a handful of votes, while in others there was clear daylight between some stand-out firms.
bobsguide Editor, Michael McCaw said, “I am pleased to inform you that you are a winner of the Islamic Banking category in our inaugural bobsguide Software Rankings.
“The 2018 winners have been voted for and nominated by the bobsguide audience who were asked to rank service providers across a number of categories based on their experience using criteria such as reliability, value for money and ease of use.
“Congratulations on winning the Islamic Banking category! This is a marvelous achievement. You must have really impressed your clients”.
Path Solutions is a global leader in next-generation Sharia-based software development and implementation, consulting, support, training, and outsourcing services.
The company enables clients in more than 39 countries to stay a step ahead of emerging industry trends and outperform the competition. It helps them transform and thrive in a fast-changing world by implementing bespoke and breakthrough solutions including digital and mobility that combine strategic insights and business capabilities enabling data-driven decisions that are crucial to propel their business forward.
“To be voted first in Islamic Banking in bobsguide Software Rankings 2018 is a great source of pride for everyone at Path Solutions.
“Investing to maintain a leading position in the Islamic financial services sector requires developing relevant technologies and expanding skills and capabilities”, commented the company’s Group Chairman & CEO, Mohammed Kateeb.
“Thus, success in our field is never an accident”, he added, stating that “everyone enjoys getting some well-deserved praise, but this is only achieved by those who strive constantly for improvement, with a relentless pursuit of excellence, innovation and deep industry commitment”.
On the same list, Path Solutions was recognized first runner-up in Modelling, first runner-up in Customer Support Services and first runner-up in Ease of Use of the system.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.
MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.
Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.
The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.
The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
The inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.
In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN, disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.
“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.
The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.
However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.
Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.
Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.
Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.
The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.
Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.
“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”
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